Crytek actually picked up that studio a few years ago. Guess what game they have them working on.

Homefront 2

They also made Haze. A bad game that bombed critically and commercially. Just goes to show that a developer needs to play to it's own strength. The raw shooter mechanics were never Free Radical's strong suit. So when they work on generic HALO clone ∞, it's never going to be that amazing.

What set Timesplitters apart wasn't the mechanics, it was the personality and flavor of the series. It would present shooter fans with an entirely different style than what's out there right now. That's why it would be a cult smash at least. Terrible business decision that Crytek is making them work on games like Haze and Homefront 2.